The Victoria Foundation, a nonprofit founded nearly 100 years ago by Hendon Chubb with a mission to improve the lives of others, announced this week that it is moving its headquarters to 550 Broad St., a historic building that is owned by Fidelco Realty Group.
The Victoria Foundation has been committed to supporting Newark residents to increase access to housing, employment opportunities, arts programs and more throughout its history.
The foundation partners with Black and brown residents, other marginalized communities in Newark and nonprofit organizations to strengthen community power, foster economic justice, promote youth self-determination and respond to pressing needs.
Victoria Foundation CEO Craig Drinkard said the group is thrilled to be moving.
“The Victoria Foundation is excited to begin our next chapter in a new space that can accommodate our growing staff and positions us to more effectively work toward our mission of championing bold solutions for a thriving Newark,” he said.
Fidelco Chairman Marc Berson said he was eager to welcome the Victoria Foundation.
About Victoria Foundation
Founded in 1924, Victoria Foundation is a private foundation based in Newark with an endowment of $320 million. For the past 55 years, Victoria Foundation has focused most of its resources on children and families living in Newark, with grants totaling $300 million.
The foundation recently announced a new framework that will direct its grantmaking, investments and relationships on addressing systemic causes of generational poverty in Newark by focusing on strengthening community power, fostering economic justice and promoting youth self-determination.
Fidelco, which owns a number of properties in Newark, has a long history of making a positive impact on the neighborhood by creating landlord-tenant partnerships for private and nonprofit businesses, as well as for startups and established companies.
Berson feels 550 Broad St.’s creative floor plates and unique amenities allow businesses to pursue realistic goals during challenging times.
“Victoria Foundation and Fidelco have similar goals,” he said. “Our innovative and inclusive approach to workspaces will allow businesses born in Newark to stay in Newark. We are supporting the community while providing an opportunity for startups, not-for-profit organizations and corporations to open and expand.”
Victoria Foundation joins a robust list of not-for-profit tenants headquartered at 550 Broad St., including LISC; Big Brothers Big Sisters of Essex, Hudson & Union Counties; and the Wight Foundation.